<PAGE>
 
                              ZAPATA CORPORATION
                     CONDENSED CONSOLIDATED BALANCE SHEET
                     LIABILITIES AND STOCKHOLDERS' EQUITY
                                (in thousands)

<TABLE> 
<CAPTION> 
                                              MARCH 31,      SEPTEMBER 30,
                                                1995             1994
                                              ---------      -------------
<S>                                           <C>            <C>  
Current liabilities:
  Current maturities of long-term debt         $ 15,187       $  2,478

  Accounts payable and accrued liabilities       22,617         27,258
                                               --------       --------
    Total current liabilities                    37,804         29,736
                                               --------       --------
Long-term debt                                   51,346         59,860
                                               --------       --------
Other liabilities                                14,421         14,736
                                               --------       --------
Stockholders' equity:
  Preferred and preference stock                      3          2,258

  Common stock                                    7,939          7,930

  Capital in excess of par value                137,782        138,293

  Reinvested earnings from October 1, 1990        4,575          1,785

  Investment in equity securities-unrealized
   gain, net of taxes                               ---          4,276
                                               --------       --------
                                                150,299        154,542
                                               --------       --------
  Total liabilities and stockholders' equity   $253,870       $258,874
                                               ========       ========
</TABLE>

 

   The accompanying notes are an integral part of the financial statements.

                                       4